Technical analysis by AMEGA - Opinion

After the price is fixed upper the control resistance zone №1 111.101-111.014 the medium-term trend has changed to the bull market with the aim to the target zone 112.084-111.909. The probability of reaching the target zone is about 70%. Any price reduction is considered like corrective.The best prices to try to have a long position are the control resistance zone №2 110.519-110.434. In case of the price is fixed below the control resistance zone №2 the medium-term trend will be changed to the bear market and all long positions should be closed.

Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone №2 110.519-110.434 (97 points from current maximum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone №2 is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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